IT Software Market to Grow by USD 320.5 Billion from 2024-2028, Driven by IT Infrastructure Expansion, Report Highlights AI's Role in Shaping Market Dynamics - Technavio

NEW YORK, Aug. 30, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global it software market  size is estimated to grow by USD 320.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.28%  during the forecast period.  Expansion of it infrastructure is driving market growth, with a trend towards increasing focus of vendors on development of new software solutions. However, growing concerns related to cyber security  poses a challenge. Key market players include Alphabet Inc., Amazon.com Inc., Atlassian Corp. Plc, Broadcom Inc., Cisco Systems Inc., Freshworks Inc., International Business Machines Corp., ITarian LLC, Kaseya Ltd., Microsoft Corp., NinjaOne, Nutanix Inc., Open Text Corp., Oracle Corp., Red Hat Inc., Salesforce Inc., SAP SE, SAS Institute Inc., ServiceNow Inc., SolarWinds Corp., SysAid Technologies Ltd, and Zoho Corp. Pvt. Ltd..

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Key Market Trends Fueling Growth

The IT software market is witnessing a significant trend as vendors prioritize the creation of new software solutions to maintain competitiveness and cater to evolving customer requirements. SolarWinds, for instance, recently launched its new AI engine, SolarWinds AI, under the AI by Design framework. This engine, debuting in SolarWinds Service Desk, enhances agent workflows and expedites ticket resolution. ManageEngine, a Zoho Corp. Division, introduced SaaS Manager Plus, a SaaS management solution, to help businesses manage and optimize SaaS subscriptions, usage, and costs. Both SolarWinds AI and SaaS Manager Plus exemplify the continuous investment in research and development by vendors to deliver innovative solutions with advanced functionalities, superior performance, and enhanced user experiences. These solutions underscore the importance of staying competitive and addressing customer needs in the IT software market. 

The IT software market is witnessing significant trends in 2021, with remote working becoming the new norm. Security software is in high demand due to increased reliance on computing devices and information systems for work. Internet communication, transactions, and access management are key areas of focus for businesses. Cybersecurity is a top priority, with network protection, data protection, and cybersecurity software solutions essential for e-commerce and AI-driven businesses. Cybercrimes are on the rise, making security standards crucial for IT and telecom. Business process automation through cloud-based solutions and ERP, CRM, and SCM software is streamlining operations. AI, IoT, and cybersecurity tools like Stacklock are transforming industries. Software developers are creating innovative applications, system infrastructure software, and productivity tools like PowerStore to enhance productivity and control system-level security risks. Cyberthreats require robust malware protection and network security. 

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Market Challenges

• Cybersecurity threats pose a significant challenge in the global IT software market, impacting both providers and users. As software systems become more integral to business operations and personal activities, they also become prime targets for malicious attacks. These threats range from ransomware and phishing to advanced persistent threats (APTs) and distributed denial-of-service (DDoS) attacks. The growing sophistication of these threats demands robust security measures, such as encryption, multi-factor authentication, and regular software updates. The rise of the Internet of Things (IoT) and cloud computing introduces new vulnerabilities, requiring continuous monitoring and proactive threat management. Software developers and companies face the challenge of staying ahead of evolving cyber threats while ensuring their products remain user-friendly and efficient. High-profile attacks, like the MOVEit Transfer breach in May 2023, which exposed sensitive data from numerous organizations, underscore the critical need for robust security measures. Over 2,500 organizations were reported affected, with over 80% based in the US. Cybersecurity threats can significantly impact the growth of the global IT software market during the forecast period.
• The IT Software Market faces various challenges in today's business landscape. IoT and Internet of Things bring new opportunities but also introduce security risks. Cybercrimes pose a significant threat to Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Supply Chain Management (SCM) systems. Cloud-based solutions offer flexibility, but security standards for network security, malware protection, and access control must be met. IT and telecom industries grapple with system-level security risks and cyberthreats. Software developers must address productivity, cybersecurity software, and system infrastructure software needs. Large enterprises in sectors like energy and utilities, healthcare, and data security require robust cybersecurity tools against endpoint attacks and strategic alliances. The software market includes application software, system infrastructure software, productivity software, and cloud deployment models for on-premises and cloud-based solutions. Digital assets and software supply chain security are essential concerns.

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Segment Overview 

This it software market report extensively covers market segmentation by

1. Type 
• 1.1 Application software
• 1.2 Systems software
2. End-user 
• 2.1 BFSI
• 2.2 Telecommunication
• 2.3 Retail
• 2.4 Healthcare
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Application software-  The IT software market is a significant sector, witnessing continuous growth due to increasing business digitalization. Companies invest in software solutions to streamline operations, enhance productivity, and improve customer experience. Key areas of focus include enterprise software, such as CRM and ERP, and emerging technologies like AI and machine learning. Collaboration tools and cybersecurity software are also in high demand. The market is competitive, with numerous players offering innovative solutions to meet evolving business needs.

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Research Analysis

The IT Software Market encompasses a wide range of solutions designed to facilitate business operations in the digital age. Key areas of focus include remote working tools, enabling employees to work effectively from anywhere, and security software to safeguard computing devices, information systems, and networks. Internet communication and transaction processing software are essential for seamless business operations, while access management and data protection solutions ensure secure access and data privacy. Network security, including network protection and malware protection, is a critical component of the IT Software Market, addressing cyberthreats and system-level security risks. Business process automation software streamlines workflows, increasing productivity and efficiency. Cybersecurity software, including cloud-based and on-premise solutions, is a priority for organizations to defend against cyberattacks and ensure virus defense. Software developers continue to innovate, creating new solutions to meet the evolving needs of businesses and individuals alike. The PowerStore represents a significant investment in data management and protection for businesses of all sizes.

Market Research Overview

The IT Software Market is a dynamic and ever-evolving industry that caters to the growing demand for advanced technology solutions in various sectors. Remote working has accelerated the need for reliable software, leading to an increase in demand for security software, computing devices, and information systems. Internet communication, transactions, and networks are integral parts of modern business operations, necessitating access management, data protection, and network protection. Cybersecurity is a major concern, with cybercrimes on the rise, driving the need for cybersecurity software and tools. E-commerce, AI, IoT, and ERP systems are transforming industries, from retail to healthcare and energy. Cloud-based solutions and on-premises software are both popular, with strategic alliances and partnerships shaping the market. IT and telecom industries are key consumers, while cybersecurity standards continue to evolve. Business process automation, network security, and malware protection are essential components of IT infrastructure. Productivity software, access control, and virus defense are crucial for individual users and large enterprises alike. System-level security risks and endpoint attacks require robust cybersecurity solutions. Software developers continue to innovate, creating new applications, system infrastructure software, and productivity software. The IT Software Market encompasses a wide range of solutions, from cloud deployment to digital asset protection and software supply chain security.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Type
• Application Software
• Systems Software
• End-user
• BFSI
• Telecommunication
• Retail
• Healthcare
• Others
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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